Observer Money – Page 11

06 Feb

Why Millennials and Gen Z are rethinking financial security

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NDADHI NDOROMA The way people think about life cover is changing. For older generations, it was a practical safeguard, a traditional product that provided financial protection for spouses and children in the event of death. But younger generations are bringing fresh perspectives to financial planning, including how they view life insurance. Many of them grew up during economic downturns and have faced financial uncertainties. They're also shackled with student loans and increased living expenses, which, altogether, very much make their attitude towards money different from their parents. Security remains important but has shifted regarding how it's achieved and in what…

06 Feb

Reserves increase to N$63 billion

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CHAMWE KAIRA The stock of international reserves increased at the end of December by 3.6% to N$63 billion compared to N$60.8 billion recorded at the end of November. The central bank said the increase was primarily driven by higher commercial bank inflows, as well as revaluation gains. The import cover stood at 4.2 months of imports, whereas imports excluding oil and appraisal activities translated into 5.1 months of imports. “The stock of foreign reserves was 11.2 times the value of N$5.6 billion of currency in circulation and remained adequate to sustain the currency peg between the Namibia dollar and South…

06 Feb

Uranium exports overtake diamonds

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CHAMWE KAIRA Trade activities in the country have been on an upward trajectory since 2020. For the year 2024, exports increased by 15.3% compared to 9% in 2023, while imports increased by 18.5% when compared to 2% in 2023, according to Namibia Statistics Agency trade figures. Uranium was the top exported commodity in 2024, accounting for 16.8%, whereas precious stones (diamonds) took the second position, contributing 16.2% of the total export value. In 2024, petroleum oils topped the list of the imported commodities, accounting for 15.5% of the total imports for the country. Copper ores and concentrates came in second…

06 Feb

Capricorn expecting up to 35% higher profits

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CHAMWE KAIRA The Capricorn Group’s profit after tax, earnings per share and headline earnings per share for the interim period ended 31 December 2024 is expected to be materially higher by between 25% and 35% compared to what was reported in the prior period, the company said. Capricorn said the interim financial results for the period ending 31 December 2024 are expected to be published on or about 27 February 2025. During the financial results for 2024, the group recorded a pleasing 12% increase in operating profits and an improved return on equity of 17.9%. Capricorn was pleased with the…

05 Feb

MTC 4Life initiative continues to empower Namibian youth

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Niël Terblanché Namibia’s leading digital innovation company, MTC, has reaffirmed its commitment to youth empowerment with the continuation of its MTC 4Life programme. The Corporate Social Investment (CSI) initiative aims to equip young Namibians with practical business and entrepreneurial skills to establish or expand their small and medium enterprises, ultimately helping to reduce unemployment. The initiative announced on Tuesday will provide 40 young entrepreneurs with a two-week training programme in various trades, including barbering, brick manufacturing, animation, carpentry, hairstyling, electricity and solar installation, upholstery, and welding. The training will be facilitated by qualified Namibian professionals. Upon completion, participants will receive…

04 Feb

Export earnings reach N$12.6 billion in December 2024

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Stefanus Nashama The country’s export earnings in December 2024 rose to N$12.6 billion, marking a 3.4% increase from the previous month. This is according to the latest Merchandise Trade Statistics Bulletin released by the Namibia Statistics Agency (NSA) on Tuesday. The bulletin highlighted that the country's import bill for the same month was N$12.7 billion, which reflects a notable decrease of 28% from the N$17.6 billion recorded in November 2024. This shift contributed to a significant reduction in the country’s trade deficit, which stood at N$119 million in December 2024, compared to a trade deficit of N$5.5 billion the previous…

04 Feb

Namibia’s first Bloomberg Finance Lab launched

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Mallex Shipanga The Namibia University of Science and Technology (NUST) has launched the country’s first Bloomberg Finance Lab in collaboration with Mobile Telecommunications Limited (MTC) and the Namibia Investment and Finance Academy (NIFA). Set to open in February at NUST’s High-Tech Transfer Plaza Select, the lab will be equipped with 12 Bloomberg Terminals—computer software systems that provide real-time analytics, data, and news. It will offer both undergraduate and graduate students the skills necessary for a career in finance. Through this lab, students will have the opportunity to earn globally recognised certifications, enhancing their competitiveness in the job market. “The Bloomberg…

30 Jan

New NAMPOA board set to steer oil and gas industry

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Niël Terblanché The Namibian Petroleum Operators Association (NAMPOA) has elected a new board at its recent Annual General Meeting (AGM), positioning the organisation for a crucial role in Namibia’s rapidly expanding oil and gas sector. With Namibia’s oil and gas sector on the verge of significant growth, the newly elected NAMPOA board has pledged to continue advocating for industry best practices and fostering an investment-friendly environment. The newly elected board comprises distinguished industry leaders, including Klaus Endresen, Country Chair of BW Kudu; Eduardo Rodriguez, Shell Namibia Country Chair; Diogo Martins, Galp Country Manager; Selma Usiku, Eco Atlantic Director; and Laurent…

30 Jan

Africa lagging in soaring demand for air cargo

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Niël Terbalnché The global air cargo market experienced an unprecedented surge in 2024, surpassing previous records and reinforcing its critical role in global trade. The International Air Transport Association (IATA) released its full-year report, highlighting an 11.3% year-on-year increase in demand, with international operations rising by 12.2%. According to IATA, the growth was attributed to a combination of robust e-commerce demand and ongoing disruptions in ocean shipping, which forced businesses to turn to air freight as a reliable alternative. Despite a slight decline in average yields compared to 2023, overall earnings remained 39% higher than pre-pandemic levels in 2019. IATA…

30 Jan

Shell’s write down will not impact GDP projection

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The Bank of Namibia has said its GDP growth projections, which extend to 2026, do not anticipate the production of oil mines or the commencement of oil production within this period, and as such, Shell's US$400 million write-down of an offshore oil discovery in Namibia does not impact these projections. These sentiments were expressed by Kazembire Zemburuka, Director of Strategic Communications and International Relations. Zemburuka was responding to questions by Observer Money on the recent announcement by Shell to write down $400m related to an oil discovery made in Petroleum Exploration License (PEL) 39. Observer Money (OM): How does the…